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Old 17th Jan 2011, 09:44
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GAZ45
 
Join Date: Dec 2002
Location: Europe
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Redbull,

One bank that I know of that provides financial assistance for pilot training is BBVA. It’s a Spanish bank that has a connection to at least 1 major FTO that I know of. They offer a secured loan to fund your pilot training. You may want to try doing a Google search on them or contacting the school you did your selection at and seeing if they use this, or a similar bank.

I know that having a conditional job offer with a company like Flybe after training will make your loan application rather more likely to be accepted than someone who doesn’t. But, you will still have to undergo a personal credit check, along with your parents (or whoever your guarantor is), and the loan must be secured on a UK property. Your guarantor’s financial situation will be scrutinised also, they will look for evidence to suggest that if you do not get employment immediately, your guarantor will be able to pay the outstanding loan repayments every month. The amount varies depending on how much you borrow, but if you are borrowing the full amount for an integrated course with this part sponsorship, it’s probably going to be something like 60/70K. The repayments for that amount are fairly steep per month, I think around £1000.

If that not an option then I don’t think threes many other funding alternatives. You’ll be in the same boat as alot of guys around here (myself included), held back by financial limitations. If you can’t afford it and you’re still passionate about a career in the industry then why not look into the modular route. It takes longer and requires you to save your cash for flying but it’s quite alot cheaper and you will be debt free at the end of training.

Anyway, good luck!
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